Beige Book reported regional weakness; March 8, 2007
8 March 2007
Early stock gains today brought the bond market down 8/32. However due to the strong bond market activity from yesterday mortgage rates are up .125% currently.
The Fed Beige Book report from yesterday indicated that some regions of the United States were showing signs of weakness. It was favorable to interest rates and cause the bond market to improve yesterday PM.
Tomorrow’s Employment report will be released at 8:30AM EST and is the most important piece of data affecting interest rates that we’ll see reported this month. If we see an increase in the unemployment rate, a drop in payroll or a drop or no increase in earnings, this could improve bond markets and mortgage rates. Forecast calls for no change in unemployment and 100k new jobs added.
Current recommendation is to Lock if you are looking for mortgage financing within the next 60 days.
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